Weekly Real Estate Market Report
Short Sales: Not For The Faint of Heart
Short sales, the road less traveled. What is it? Who is affected?
As I write this article about short sales, I am doing so with fingers crossed. I have been waiting for about seven months for one of my short sale listings to close. The buyers have been very patient but they are beginning to get restless. This is the story of short sales and the road one must travel when doing a short sale. But first one may ask, “What is a short sale?” When the loan amount is higher than the market value of a home, the seller cam do a short sale with the lenders permission to sell the home at a loss to the lender. The lender agrees to take less than the buyer owes on their mortgage. This has been very common over the last few years and could continue to be a necessary influence on our marketplace for several years to …
